Germany's largest bank Deutsche Bank plans to reduce the number of employees globally to more than 7 thousand people, which will be the first major step of the new CEO in an effort to reduce costs and restore profitability.

The bank said that the number of personnel around the world will decrease to below 90 thousand from the current 97 thousand people, and the number of employees in the trading units will be reduced by 25%. The bulk of these jobs are in New York and London.

After a sharp shift in management last month, Deutsche Bank said it aims to reduce its global investment banking business and reorient to Europe and its domestic market after three consecutive years of losses.

"We remain committed to our corporate and investment bank and our international presence, we are unshakable in this," said CEO Christian Seving in his speech.

"We are an alternative to Europe in the field of international financing and capital markets, but we must focus on what we are doing really well," he explained.

The new chief executive officer of Deutsche Bank Christian Seving, appointed to this position in April 2018, should quickly come up with a new strategy for the bank.

47-year-old Seving was appointed as head of the largest bank in Germany after the meeting, where it was discussed how to complete the protracted crisis. In this post, Seving will be replaced by the British, John Crayan, who was unable to reach the cost target.

Christian Seving joined the board of Deutsche Bank in January 2015, and in March 2017 he was appointed one of the bank's presidents.

Career Seving in Deutsche Bank has been counting for 25 years.

Recall, the net loss of Deutsche Bank in 2017 was larger than previously reported, but the bank decided to raise employee bonuses to about 2.2 billion euros ($ 2.7 billion) after a strong reduction in 2016.

Deutsche Bank said that the total bonus fund of the previous year has been on the same level since 2015, in 2016 it was estimated at 500 million euros. The bank said that the increase marked a return to the "more normal system" of bonuses. Deutsche Bank has offered a dividend of EUR 0.11 per share, compared to EUR 0.19 per share for 2015 and 2016.